Company Quick10K Filing
Berkshire Hathaway
Price1.00 EPS-27,170,000,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt-75,291 EBIT40,503
TEV-75,291 TEV/EBIT-2
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-05-02
8-K 2020-04-16
8-K 2020-03-12
8-K 2020-02-22
8-K 2019-11-02
8-K 2019-09-13
8-K 2019-08-03
8-K 2019-06-19
8-K 2019-05-04
8-K 2019-03-15
8-K 2019-02-23
8-K 2019-01-11
8-K 2018-11-03
8-K 2018-08-15
8-K 2018-08-04
8-K 2018-07-17
8-K 2018-05-05
8-K 2018-02-24
8-K 2018-01-09

BRKA 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Note 1. General
Note 2. New Accounting Pronouncements
Note 3. Investments in Fixed Maturity Securities
Note 4. Investments in Equity Securities
Note 5. Equity Method Investments
Note 6. Investment Gains/Losses
Note 7. Loans and Finance Receivables
Note 8. Other Receivables
Note 9. Inventories
Note 10. Property, Plant and Equipment
Note 11. Equipment Held for Lease
Note 12. Goodwill and Other Intangible Assets
Note 13. Derivative Contracts
Note 14. Unpaid Losses and Loss Adjustment Expenses
Note 15. Retroactive Reinsurance Contracts
Note 16. Notes Payable and Other Borrowings
Note 17. Fair Value Measurements
Note 18. Common Stock
Note 19. Income Taxes
Note 20. Accumulated Other Comprehensive Income
Note 21. Supplemental Cash Flow Information
Note 22. Contingencies and Commitments
Note 23. Revenues From Contracts with Customers
Note 24. Business Segment Data
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities
Part II Other Information
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 brka-ex311_8.htm
EX-31.2 brka-ex312_7.htm
EX-32.1 brka-ex321_6.htm
EX-32.2 brka-ex322_10.htm
EX-95 brka-ex95_9.htm

Berkshire Hathaway Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
79063247431615802012201420172020
Assets, Equity
70503010-10-302012201420172020
Rev, G Profit, Net Income
257-11-29-47-652012201420172020
Ops, Inv, Fin

brka-10q_20200331.htm
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FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to

Commission file number 001-14905

 

BERKSHIRE HATHAWAY INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

47-0813844

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

 

3555 Farnam Street, Omaha, Nebraska 68131

(Address of principal executive office) (Zip Code)

(402) 346-1400

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbols

 

Name of each exchange on which registered

 

Class A Common Stock

Class B Common Stock

0.750% Senior Notes due 2023

1.125% Senior Notes due 2027

1.625% Senior Notes due 2035

1.300% Senior Notes due 2024

2.150% Senior Notes due 2028

0.250% Senior Notes due 2021

0.625% Senior Notes due 2023

0.000% Senior Notes due 2025

2.375% Senior Notes due 2039

2.625% Senior Notes due 2059

BRK.A

BRK.B

BRK23

BRK27

BRK35

BRK24

BRK28

BRK21

BRK23A

BRK25

BRK39

BRK59

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated  filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Number of shares of common stock outstanding as of April 23, 2020:

Class A —

692,885 

Class B —

1,390,707,370 

 

 


 

BERKSHIRE HATHAWAY INC.

 

 

Page No.

 

 

Part I – Financial Information

 

 

 

Item 1.  Financial Statements

 

 

Consolidated Balance Sheets—March 31, 2020 and December 31, 2019

2-3

 

Consolidated Statements of Earnings—First Quarter 2020 and 2019

4

 

Consolidated Statements of Comprehensive Income—First Quarter 2020 and 2019

5

 

Consolidated Statements of Changes in Shareholders’ Equity—First Quarter 2020 and 2019

5

 

Consolidated Statements of Cash Flows—First Quarter 2020 and 2019

6

 

Notes to Consolidated Financial Statements

7-23

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24-41

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

Controls and Procedures

41

 

 

Part II – Other Information

41

 

 

 

Item 1.

Legal Proceedings

41

Item 1A.

Risk Factors

42

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities

42

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

43

 

 

Signature

43

 

1


 

Part I Financial Information

Item 1. Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

 

March 31,

2020

 

 

December 31,

2019

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

Cash and cash equivalents*

 

$

38,717

 

 

$

61,151

 

Short-term investments in U.S. Treasury Bills

 

 

94,623

 

 

 

63,822

 

Investments in fixed maturity securities

 

 

17,923

 

 

 

18,685

 

Investments in equity securities

 

 

180,782

 

 

 

248,027

 

Equity method investments

 

 

17,483

 

 

 

17,505

 

Loans and finance receivables

 

 

17,660

 

 

 

17,527

 

Other receivables

 

 

34,720

 

 

 

32,418

 

Inventories

 

 

20,172

 

 

 

19,852

 

Property, plant and equipment

 

 

21,258

 

 

 

21,438

 

Equipment held for lease

 

 

14,899

 

 

 

15,065

 

Goodwill

 

 

56,990

 

 

 

57,052

 

Other intangible assets

 

 

30,693

 

 

 

31,051

 

Deferred charges under retroactive reinsurance contracts

 

 

13,488

 

 

 

13,747

 

Other

 

 

13,593

 

 

 

13,232

 

 

 

 

573,001

 

 

 

630,572

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

Cash and cash equivalents*

 

 

3,923

 

 

 

3,024

 

Receivables

 

 

3,237

 

 

 

3,417

 

Property, plant and equipment

 

 

137,264

 

 

 

137,838

 

Goodwill

 

 

24,669

 

 

 

24,830

 

Regulatory assets

 

 

2,963

 

 

 

2,881

 

Other

 

 

15,391

 

 

 

15,167

 

 

 

 

187,447

 

 

 

187,157

 

 

 

$

760,448

 

 

$

817,729

 

 

*

Cash and cash equivalents included U.S. Treasury Bills with maturities of three months or less when purchased of $19.6 billion at March 31, 2020 and $37.1 billion at December 31, 2019.

See accompanying Notes to Consolidated Financial Statements

2


 

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

 

March 31,

2020

 

 

December 31,

2019

 

 

 

(Unaudited)

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

73,362

 

 

$

73,019

 

Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts

 

 

42,269

 

 

 

42,441

 

Unearned premiums

 

 

21,718

 

 

 

19,782

 

Life, annuity and health insurance benefits

 

 

20,193

 

 

 

20,155

 

Other policyholder liabilities

 

 

7,753

 

 

 

7,723

 

Accounts payable, accruals and other liabilities

 

 

25,565

 

 

 

27,611

 

Payable for purchase of U.S. Treasury Bills

 

 

8,630

 

 

 

 

Derivative contract liabilities

 

 

2,361

 

 

 

968

 

Aircraft repurchase liabilities and unearned lease revenues

 

 

5,291

 

 

 

5,281

 

Notes payable and other borrowings

 

 

37,486

 

 

 

37,590

 

 

 

 

244,628

 

 

 

234,570

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

Accounts payable, accruals and other liabilities

 

 

14,049

 

 

 

14,708

 

Regulatory liabilities

 

 

7,218

 

 

 

7,311

 

Notes payable and other borrowings

 

 

66,747

 

 

 

65,778

 

 

 

 

88,014

 

 

 

87,797

 

Income taxes, principally deferred

 

 

52,571

 

 

 

66,799

 

Total liabilities

 

 

385,213

 

 

 

389,166

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

8

 

 

 

8

 

Capital in excess of par value

 

 

35,619

 

 

 

35,658

 

Accumulated other comprehensive income

 

 

(6,721

)

 

 

(5,243

)

Retained earnings

 

 

352,359

 

 

 

402,493

 

Treasury stock, at cost

 

 

(9,700

)

 

 

(8,125

)

Berkshire Hathaway shareholders’ equity

 

 

371,565

 

 

 

424,791

 

Noncontrolling interests

 

 

3,670

 

 

 

3,772

 

Total shareholders’ equity

 

 

375,235

 

 

 

428,563

 

 

 

$

760,448

 

 

$

817,729

 

 

See accompanying Notes to Consolidated Financial Statements

3


 

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED STATEMENTS OF EARNINGS

(dollars in millions except per share amounts)

 

 

 

 

 

 

 

First Quarter

 

 

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

(Unaudited)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

 

 

 

 

Insurance premiums earned

 

 

 

 

 

$

15,748

 

 

$

14,319

 

Sales and service revenues

 

 

 

 

 

 

31,926

 

 

 

32,409

 

Leasing revenues

 

 

 

 

 

 

1,428

 

 

 

1,436

 

Interest, dividend and other investment income

 

 

 

 

 

 

2,276

 

 

 

2,117

 

 

 

 

 

 

 

 

51,378

 

 

 

50,281

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

 

 

 

 

Freight rail transportation revenues

 

 

 

 

 

 

5,380

 

 

 

5,725

 

Energy operating revenues

 

 

 

 

 

 

3,634

 

 

 

3,825

 

Service revenues and other income

 

 

 

 

 

 

873

 

 

 

847

 

 

 

 

 

 

 

 

9,887

 

 

 

10,397

 

Total revenues

 

 

 

 

 

 

61,265

 

 

 

60,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment and derivative contract gains (losses)

 

 

 

 

 

 

(70,275

)

 

 

20,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

 

 

 

 

Insurance losses and loss adjustment expenses

 

 

 

 

 

 

10,979

 

 

 

10,174

 

Life, annuity and health insurance benefits

 

 

 

 

 

 

1,383

 

 

 

904

 

Insurance underwriting expenses

 

 

 

 

 

 

2,924

 

 

 

2,756

 

Cost of sales and services

 

 

 

 

 

 

25,392

 

 

 

25,767

 

Cost of leasing

 

 

 

 

 

 

1,002

 

 

 

1,020

 

Selling, general and administrative expenses

 

 

 

 

 

 

4,471

 

 

 

4,432

 

Interest expense

 

 

 

 

 

 

296

 

 

 

262

 

 

 

 

 

 

 

 

46,447

 

 

 

45,315

 

Railroad, Utilities and Energy: